What’s Ahead For Mortgage Rates This Week – November 21, 2016

Last week’s economic reports included readings on the National Association of Home Builders Housing Market Index, Commerce Department releases on Housing Starts and Building Permits issued and weekly reports on new jobless claims and mortgage rates.

Builder Sentiment Holds Steady, Demand for Homes Pushes Builders

November’s reading for the National Association of Home Builders Housing Market Index held steady with a reading of 65. Any reading above 50 indicates that a majority of home builders surveyed has a positive view of current and future housing market conditions. Tight supplies of available homes, steep competition for homes in desirable metro areas and rising home prices pressure home builders to produce more homes, but builder sentiment and housing starts are not always aligned, but data released by the Commerce Department indicates that builders are ramping up construction.

The Commerce Department reported that October’s reading of 1.323 housing starts exceeded September’s reading of 1.054 million starts and also surpassed the expected reading of 1.170 million starts. This suggests that builders are ramping up construction to quench ongoing demand for homes. October’s reading was 25.50 percent higher than September’s reading, which was the highest number of housing starts posted since 2007. Starts for multi-family homes of five units or more jumped 75 percent and starts for single family homes of four units or less increased by 11 percent.

Building permits issued in October rose to 1.229 million as compared to September’s reading of 1.225 million permits issued. Approaching winter weather and holidays typically cause slowing of construction.

Mortgage Rates Rise after Election

Last week’s survey of mortgage rates was mostly completed by the time presidential election results were released; this week’s readings showed higher rates for all types of mortgages. The average rate for a 30-year fixed rate mortgage increased from 3.57 percent to 3.94 percent; rates for a 15-year fixed rate mortgage rose from 2.88 to 3.14 percent and the average rate for 5/1 adjustable rate mortgages was also higher at 3.07 percent as compared to the prior week’s reading of 2.88 percent. Discount points were unchanged at 0.50 percent for fixed rate mortgages and 0.40 percent for 5/1 adjustable rate mortgages. Low mortgage rates have helped home buyers qualify for financing they need to buy homes; if rates continue to trend upward, demand for homes is likely to ease.

New jobless claims reached a 43-year low last week. 235,000 claims were filed as compared to expectations of 255,000 new claims and the prior week’s reading of 254,000 new jobless claims. Low layoff rates point to stronger economic conditions; job stability can encourage first-time home buyers to enter the market and existing home owners to buy larger homes.

What’s Ahead

Readings on new and pre-owned home sales, the Federal Reserve’s post meeting FOMC statement and reports on mortgage rates and new jobless claims will be released this week.

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6631 E Jasmine Street Mesa, AZ 85205

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$549,900

3 Beds

2.5 Baths

1,858 SqFt

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MLS # 6787199

Property Type Single Family Residence

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Impeccably Remodeled Home with RV Gate, New Roof and No HOA! This stunning home offers modern updates, a spacious layout, and a prime location! Situated on a large lot with an RV gate, this property has been thoughtfully upgraded to provide both style and convenience. Step inside to find a welcoming interior featuring 3 generously sized bedrooms, 2.5 updated bathrooms, and a cozy family room complete with a charming fireplace. The kitchen and bathrooms have been fully remodeled with brand-new cabinetry, sleek quartz countertops, and elegant tile flooring. The primary ensuite is a true retreat, showcasing a beautifully tiled shower, ample storage, and private access to the backyard. Outdoors, enjoy the extended covered patio—perfect for entertaining or relaxing while overlooking your expansive backyard. Recent updates include a new roof (2024) and new A/C unit (2022) for added peace of mind. Conveniently located just minutes from the Loop 202, shopping, and dining, this home truly has it all!

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5117 N 81st Street Scottsdale, AZ 85250

New

$549,900

2 Beds

2 Baths

1,216 SqFt

Status Active

MLS # 6785248

Property Type Townhouse

Price Type --

Oasis by definition is a peaceful place in the desert or it can also be defined as 5117 N. 81st St. This designer remodeled, 2 bed/2 bath home with just over 1,200 sqft. is located in the best location in of all of Chateau De Vie and a heartbeat away from the popular attractions of Fashion Square and Old Town. This home boasts a luxury chefs kitchen highlighted by modern oak thin shaker cabinets, top tier quartz countertops with waterfall edges, and Stainless Steel Samsung Smart appliances. Luxury vinyl wood plank flooring and Berber carpet accentuate the space. Baths have been tastefully done. Take in many beautiful sunsets while relaxing on your covered patio. New dual pane windows, roof, water heater, and newer AC. Airbnb/STR approved. Don't miss out on this one of a kind property!

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13608 W Remuda Drive Peoria, AZ 85383

$549,900

3 Beds

3 Baths

2,258 SqFt

Status Active

MLS # 6781006

Property Type Single Family Residence

Price Type --

The price includes $20,000 for a rate buy-down and closing costs. This beautiful, move-in-ready home features a spacious great room that opens to a covered patio. The outdoor area boasts a heated pebble tech and travertine pool with a waterfall and jets, surrounded by palm and citrus trees. Inside, you'll find three generously sized bedrooms, each with its own full bathroom, along with a spacious dining room and plenty of storage. The main bedroom provides ample space for a sitting area or personal office, as well as a large walk-in closet and a super shower. The kitchen features granite countertops and white shaker cabinets, while plank tile flooring extends through high-traffic areas. An RV gate and a tandem four-car garage enhance the home's functionality.

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20391 N 53rd Avenue Glendale, AZ 85308

$549,900

3 Beds

2 Baths

1,589 SqFt

Status Active

MLS # 6779897

Property Type Single Family Residence

Price Type --

Welcome to your oasis nestled in the highly desirable Arrowhead Lakes! This stunning 3-bedroom, 2-bath home with a pool is situated on a premium corner lot. The vaulted ceilings create an airy atmosphere with tile and wood floors throughout the home. The kitchen features granite countertops, a nice size island, tile backsplash and stainless-steel appliances. Spacious primary en-suite has a walk-in closet, dual sinks, separate shower & roman style tub. Perfect for entertaining, the backyard features a beautiful pool with a new pool pump, a waterfall feature and a mountain view! Newer Roof & HVAC, two high-cost updates have been done! This sought after neighborhood is close to everything! Enjoy walks day or night, hiking trails nearby. Don't miss this one, move in before the holidays!

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